Ireland's annual adjusted private sector credit growth (PSC) rate accelerated in November to 25.8 per cent from 25.2 per cent the previous month as non-mortgage lending increased, the Central Bank said today.
Residential lending remained robust, with a net rise of €1.5 billion during November.
However, the main driver behind private sector credit growth in the month was non-mortgage credit, which showed a jump in year-on-year growth to 22.6 per cent from 21.5 per cent in October.
"Non-financial corporations provided by far the most important impetus behind this movement, increasing their credit by almost €2.5 billion in the month," the bank said.
Total lending by credit institutions in Ireland to non-government Irish residents increased by €3.8 billion, or 2.0 per cent, to €194.5 billion in November.